If the new Indian Space Policy is successful as intended, India’s participation in the global civil space economy could significantly rise. The term “space economy” refers to a broad range of activities and resource uses that add value as space is being explored, researched, managed, and used. It is estimated that this market is worth about $500 billion. India makes up less than 2% of the total, or $8 billion.
Isro will concentrate on giving India Inc. access to its facilities and its technical know-how so that company can absorb the intellectual property and use it in innovative ways. Along with numerous huge engineering firms that have gained a foothold in space, India already has over 400 startups specializing in the aerospace industry. This procedure will move more quickly if Isro’s technology and testing tools are more widely available. Isro already has a large number of partners, including market leaders like Larsen & Toubro and Hindustan Aeronautics Ltd., as well as specialized businesses like Paras Defence and troubled public-sector entities like Heavy Engineering Corporation.
By enlisting the technical assistance of the Capacity Building Commission, the central ministries, the state governments, and their infra-agencies, the PM Gati Shakti framework suggests increasing capacity in planning, design, finance, and implementation management.
If implemented as intended, the Gati Shakti framework has the potential to significantly aid the government in achieving its goal of lowering the cost of logistics by 4-5 percent, from the current level of roughly 13–14% of GDP to about 9% of it in the next 3–5 years.
.In the next 10 years, it’s expected that 50,000 satellites will be launched, and India may end up capturing a significant portion of this market. The space economy has many advantageous externalities since it fosters development and innovation. In fields as varied as meteorology, agro-sciences, energy, telecommunications, insurance, transport, maritime assistance, mining
exploration, civil aviation, road and power line alignments, forest cover management, and urban development, it powers applications.
It is possible to develop hardware, software, and apps for numerous new niches given the large range of industries involved. This is quite apart from the potential for defense-related dual-use technology adaptation.